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    Is a Worksheet a Permanent Accounting Record Required in the Accounting Cycle?

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    "A worksheet is a permanent accounting record and its use is required in the accounting cycle."

    Choose a position for or against the above statement and support your answer.

    © BrainMass Inc. brainmass.com December 16, 2022, 9:59 am ad1c9bdddf
    https://brainmass.com/business/the-accounting-cycle/permanent-accounting-record-accounting-cycle-509942

    Solution Preview

    A worksheet is basically a tool used by an accountant that facilitates the preparation of the company's financial statements such as the Balance Sheet, Income Statement, and the Statement of Cash Flows. As noted in CliffNotes, "Many accountants use a work sheet to prepare the unadjusted trial balance, to assign the adjusting entries to the correct accounts, to create the adjusted trial balance, and then to prepare preliminary financial statements".

    As such, the ...

    Solution Summary

    This solution provides an opinion on the statement, "a worksheet is a permanent accounting record and its use is required in the accounting cycle."

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